Hard on the heels of Elon Musk’s laying off half the staff of Twitter comes news of layoffs at Meta (Facebook):
The layoffs are expected to affect many thousands of employees and an announcement is planned to come as soon as Wednesday, according to the people. Meta reported more than 87,000 employees at the end of September. Company officials already told employees to cancel nonessential travel beginning this week, the people said.
The planned layoffs would be the first broad head-count reductions to occur in the company’s 18-year history. While smaller on a percentage basis than the cuts at Twitter Inc. this past week, which hit about half of that company’s staff, the number of Meta employees expected to lose their jobs could be the largest to date at a major technology corporation in a year that has seen a tech-industry retrenchment.
Meta’s stock has fallen more than 70% this year.
In recent years, vastly too much wealth has been concentrated in companies whose contributions are, frankly, trivial. When we add the commitment of nearly all the tech companies to leftist politics, we can only be glad to see them struggling. The best case scenario would be for billions in investment dollars to flow out of companies like Meta and into oil and gas companies.